Gala Precision Engineering shares close at a 48% premium

9 Sep 2024 , 03:41 PM

Gala Precision Engineering’s shares closed on the exchanges on Monday at a 48% premium. The stock was closed on the BSE at Rs 787.45, compared to an issue price of Rs 529.

On the NSE, the stock was closed at Rs 757.15 per share, up 43%.

The IPO, which included a fresh equity sale of 25.58 lakh shares and an offer for sale (OFS) of 6.16 lakh shares, garnered an amazing reaction from investors, with a subscription ratio of 200 times at the close.

The proceeds from the new issue will be used to establish a new facility in Vallam-Vadagal to manufacture high tensile fasteners and hex bolts, to fund capital expenditure requirements for the purchase of equipment, plant, and machinery in Wada, Palghar, to repay debt, and for general corporate purposes.

The company manufactures precision components for technical springs such as disc and strip springs (DSS), including wedge lock washers, coil and spiral springs (CSS), and special fastening solutions (SFS), which are supplied to original equipment manufacturers (OEMs), Tier 1 suppliers, and channel partners.

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